CALGARY, Alberta, Sept. 19, 2016 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“TEI” or the “Corporation”) (TSX:TEI) is pleased to announce that it has closed its previously announced disposition of its non-operated oil and natural gas interests in northwestern Alberta (the “Assets“) for total cash consideration of $12.5 million, subject to any industry standard post-closing adjustments. Details of the Asset disposition were outlined in the Corporation’s press release dated August 17, 2016.
Following the closing of the disposition of the Assets, the Corporation’s credit facilities have been adjusted to $36 million to reflect the loss in loan value accorded to the disposition. The Corporation is currently drawn $27.5 million on its credit facilities. The next review is scheduled to occur on May 1, 2017.